For calendar year 2020, Stuart and Pamela Gibson file a joint return reflecting AGI of $369,400. Their itemized deductions are as follows: Note: All expenses are before any applicable limitations, unless otherwise noted.
Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) |
$49,600 |
Home mortgage interest (loan qualifies as acquisition indebtedness) | 19,840 |
Credit card interest | 992 |
Property taxes on home | 14,880 |
Charitable contributions | 27,280 |
State income tax | 17,360 |
Tax return preparation fees | 1,488 |
Calculate the amount of itemized deductions the Gibsons may
claim for the year. $----
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